HERBERT R. O'CONOR, GOVERNOR. 871
CHAPTER 409.
(Senate Bill 380)

AN ACT to repeal and re-enact, with amendments, Section
9A of Article 11 of the Annotated Code of Maryland
(1935 Supplement) title "Banks and Trust Companies",
sub-title "Bank Commissioner".

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 9A of Article 11 of the Annotated
Code of Maryland (1935 Supplement) title "Banks and
Trust Companies", sub-title "Bank Commissioner", be and
the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

9A. All monies coming into the hands of the Bank Com-
missioner, the Deputy Bank Commissioner or a Senior
Examiner in their capacity as receiver, as the case may be,
for any banking institution (acting under the provisions of
Section 9 and under Section 61 of this Article) shall be
deposited by them to their credit as receiver of such bank-
ing institution, in such bank, banks or trust companies as
they may from time to time select. For the safekeeping
and forthcoming, when required, of said deposits, the
depository bank, banks or trust companies shall be required
to deposit with the Bank Commissioner, the Deputy Bank
Commissioner or a Senior Examiner, Federal Government
securities and those issued under the authority of the
Federal Government, State of Maryland Bonds or any
county or municipality thereof and Baltimore City Stock, in
lieu of a surety bond, as security for said deposits. Such
securities shall be accepted at not more than par, or market
value if selling at less than part, and shall at all times be
equal to the amount of funds deposited by the Receiver in
said bank, banks or trust companies; provided, how-
ever, that said receiver shall not be required to retain such
collateral for funds remaining in his hands more than six
months after a distribution account has been ratified as
required by the Court having jurisdiction and the dividend
checks actually mailed to the creditors entitled to receive
the same.

SEC. 2. And be it further enacted, That this Act shall
take effect on June 1, 1939.

Approved May 3, 1939.